VILIJU Save Submit Assignment for Grading tions Problem 10.13 (Cost of Common Equity with Flotation) Question 8 of 20 Check My Work (2 remaining eBook Problem Walk-Through Banyan Co.'s common stock currently sells for $30.25 per share. The growth rate is a constant 3%, and the company has an expected dividend yield of 3%. The expected long-run dividend payout ratio is 50%, and the expected return on equity (ROE) is 6.0%. New stock can be sold to the public at the current price, but a flotation cost of 10% would be incurred. What would be the cost of new equity? Do not round intermediate calcutations. Round your answer to two decimal places. % 3. 15. 16. 17. . 18 19 Check My Work (2 remaining)